TY - JOUR T1 - Survey Results JF - Special Issues SP - 19 LP - 24 VL - 2001 IS - 1 AU - Ira G Kawaller A2 - , Y1 - 2001/09/21 UR - https://pm-research.com/content/2001/1/19.abstract N2 - This article is based on an early-2001 survey of more than 200 corporations conducted to gauge the degree by which FAS 133 has altered or may alter the behavior of corporate end-users of derivatives. It includes a detailed discussion of changes in exposure management, hedging, and hedge-effectiveness testing practices. Among the survey findings are that two-thirds of the respondents believe FAS 133 has imposed an excessive burden on their reporting requirements; required documentation demonstrating that hedges are expected to be highly effective, as a precondition for hedge accounting, appears to be most problematic in connection with hedges of variable-interest-rate funding; and that hedgers' marked preferences for interest-rate swaps to hedge interest-rate exposures and forward contracts to hedge currency and commodity-price exposures have been enhanced at the expense of plain vanilla options, futures contracts, and other derivatives. ER -